LTIMindtree
{{short description|Indian multinational IT services company}}
{{Use Indian English|date=August 2020}}
{{Use dmy dates|date=June 2020}}
{{Infobox company
| name = LTIMindtree
| logo = LTIMindtree_Logo.svg
| logo_size =
| image =
| image_caption =
| type = Public
| traded_as = {{ubl|{{BSE|540005}}|{{NSE|LTIM}}}}
| ISIN = INE214T01019
| industry = Information technology
Consulting
Outsourcing{{cite web |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4440082 |archive-url=https://web.archive.org/web/20081209151115/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4440082 |archive-date=9 December 2008 |title=Larsen & Toubro Infotech Limited: Private Company Information – BusinessWeek |publisher=Investing.businessweek.com |url-status=dead |access-date=11 July 2012}}
| foundation = {{Start date and age|23 December 1996}}
| location_city = L&T House, Ballard Estate, Mumbai
| area_served = Worldwide
| key_people = S. N. Subrahmanyan{{wbr}} {{nobr|(Non-Executive Chairman)}}
Venu Lambu (CEO and Managing Director)
| revenue = {{increase}} {{INRConvert|38997|c}} (2025)
| operating_income = {{increase}} {{INRConvert|6214|c}} (2025)
| net_income = {{increase}} {{INRConvert|4602|c}} (2025)
| assets = {{increase}} {{INRConvert|30630|c}} (2025)
| equity = {{increase}} {{INRConvert|22711|c}} (2025)
| num_employees = 81,650 (March 2024){{cite news |title=LTIMindtree reports 1.2% Y-o-Y decline in net profit |url=https://www.techcircle.in/2024/04/24/ltimindtree-reports-1-2-y-o-y-decline-in-net-profit/ |access-date=24 April 2024 |work=Techcircle |date=24 April 2024 |language=en}}
| parent = Larsen & Toubro (68.73%)
| location_country = India
| former_name = L&T Infotech
| homepage = {{url|https://www.ltimindtree.com/}}
| footnotes = Financials {{as of|2025|03|31|lc=y|df=yes}}.{{cite web |title=Financial Results For Q4 FY25 |url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/d9adc968-e6d3-4eb3-afd4-542e55dd78d4.pdf |website=BSE |publisher=LTIMindtree |access-date=23 April 2025}}
}}
LTIMindtree Limited is an Indian multinational information technology services and consulting company based in Mumbai. A subsidiary of Larsen & Toubro, the company was incorporated in 1996 and employs more than 81,000 people.{{cite news |last1=Phadnis |first1=Shilpa |last2=Mani |first2=Veena |title=LTIMindtree aspires to be $10bn in revenue: CEO |url=https://timesofindia.indiatimes.com/business/india-business/ltimindtree-aspires-to-be-10bn-in-revenue-ceo/articleshow/95544693.cms |access-date=9 December 2022 |work=The Times of India |language=en}}
History
{{image frame|content={{Photo montage
|photo1a = L&T Infotech logo.jpg
|photo2a = LTI Lets solve.png
| size = 125
| color = white
}}
| width = 130
| caption = Logos between 2001–2017 and 2017–2022
}}
The company was founded as L&T Information Technology Ltd in December 1996 as a subsidiary of Larsen & Toubro.{{cite news |title = Sanjay Jalona CEO & MD of LTI|url = http://timesofindia.indiatimes.com/tech/tech-news/LT-appoints-ex-Infosys-executive-Sanjay-Jalona-CEO-of-IT-unit/articleshow/48452076.cms|work = lntinfotech.com| date=12 August 2015 |access-date = 8 February 2016|publisher = L&T Infotech}} During 2001–2002, the company's name was changed from L&T Information Technology Ltd. to L&T Infotech Ltd., and in the same year, the company achieved the assessed level of the Software Engineering Institute's (SEI) Maturity Level 5.{{cite news| title=expresscomputeronline| url=http://www.expresscomputeronline.com/20020401/indnews17.shtml| date=1 April 2002| access-date=25 November 2012| archive-url=https://web.archive.org/web/20040904095904/http://www.expresscomputeronline.com/20020401/indnews17.shtml| archive-date=4 September 2004| url-status=dead}}{{cite web|url=https://www.business-standard.com/company/l-t-infotech-18105/information/company-history|title=Larsen & Toubro Infotech Ltd.|access-date=16 April 2019|via=Business Standard}}
Between 2009 and 2012, parent Larsen & Toubro sought to scale up L&T Infotech by making a series of acquisition attempts, for Satyam Computer Services, Patni Computer Systems and Hexaware Technologies, all three of which proved to be unsuccessful.{{cite news |last1=Sanjai |first1=P R.|last2=Khan |first2=Zahra |title=L&T Infotech plans to enter new markets, make acquisitions |url=https://www.livemint.com/Industry/36CTM7eP21M66qfkhcr9oL/LT-Infotech-plans-to-enter-new-markets-make-acquisitions.html |access-date=26 April 2024 |work=Mint |date=14 October 2013 |language=en}}{{cite news|last1=Barman |first1=Arijit|last2=Shinde |first2=Shivani |title=Now, L&T jumps into Hexaware race to reboot Infotech |url=https://www.business-standard.com/article/companies/now-l-t-jumps-into-hexaware-race-to-reboot-infotech-112030700027_1.html |access-date=26 April 2024 |work=Business Standard |date=7 March 2012}}
In 2013–14, L&T Infotech's engineering services segment was acquired by parent Larsen & Toubro's newly created technology and engineering services subsidiary called L&T Technology Services.{{cite news |title=L&T to set up new arm L&T Technology Services |url=https://economictimes.indiatimes.com/news/company/corporate-trends/lt-to-set-up-new-arm-lt-technology-services/articleshow/21982025.cms |access-date=14 October 2022 |work=The Economic Times}}{{cite news |last1=Sanjai |first1=P. R. |title=L&T to sell 15% stake in L&T Technology Services via IPO |url=https://www.livemint.com/Companies/3qE6Qrm4YrKmqdl1LZuJiJ/LT-to-sell-15-stake-in-LT-Technology-Services-via-IPO.html |access-date=14 October 2022 |work=mint |date=15 July 2016 |language=en}}
In July 2016, L&T Infotech went public via an initial public offering (IPO) of {{INRconvert|1243|c|year=2016|mode=historical}}.{{cite news |last1=Shah |first1=Ami |title=L&T Infotech falls 1.74% on debut; first IPO to list at a discount in 4 months |url=https://www.livemint.com/Money/xoHJj0L7R2sT0cIJvJ2xTO/LT-Infotech-shares-fall-611-first-IPO-to-open-at-a-disco.html |access-date=14 October 2022 |work=mint |date=21 July 2016 |language=en}}
Between 2016 and 2017, L&T Infotech had contracts with the Income Tax Department and Central Board of Direct Taxes to detect income tax evasion using profiling, data models and social media analytics.{{cite news |last1=Seth |first1=Dilasha |title=L&T Infotech bags contract for Project Insight |url=https://www.business-standard.com/article/economy-policy/l-t-infotech-bags-contract-for-project-insight-116071700799_1.html |access-date=30 July 2024 |work=Business Standard |date=18 July 2016}}{{cite news |title=L&T Infotech gets $100 million project from CBDT to help pin down tax evaders |url=https://www.livemint.com/Industry/sxRN0AjjwUkUGFBHboQsGI/LT-Infotech-gets-100-million-project-from-CBDT-to-help-pin.html |access-date=30 July 2024 |work=Mint |date=1 October 2017}}
The company rebranded itself as 'LTI' with a tag line of 'Let's Solve' in May 2017.{{cite web|url=https://www.moneycontrol.com/news/business/companies/lt-infotech-rebrands-itself-as-lti-in-keeping-with-new-business-reality-2270673.html|title=L&T Infotech rebrands itself as LTI in keeping with new business reality|website=Moneycontrol|date=4 May 2017 |access-date=16 April 2019}}
=Mindtree merger=
In June 2019, Larsen & Toubro completed its hostile takeover of Bengaluru-based company Mindtree, despite opposition from the latter's promoters.{{Cite web |last=Laskar |first=Anirudh |date=2019-06-26 |title=With 60% stake, L&T completes its hostile takeover of Mindtree |url=https://www.livemint.com/companies/news/with-60-stake-l-t-completes-its-hostile-takeover-of-mindtree-1561536743325.html |access-date=2023-08-17 |website=mint |language=en}}
In May 2022, it was announced that Mindtree, which was then a different IT services subsidiary of Larsen & Toubro, will be merged into LTI,{{Cite news |last=Press Trust of India |first= |date=2022-06-19 |title=L&T Infotech-Mindtree merger likely by December, says LTI COO |work=Business Standard India |url=https://www.business-standard.com/article/companies/l-t-infotech-mindtree-merger-likely-by-december-official-122061900849_1.html |access-date=2022-07-07}} and the company will be renamed as LTIMindtree.{{cite news|url=https://timesofindia.indiatimes.com/business/india-business/ltimindtrees-banking-fin-portfolio-to-be-5th-largest/articleshow/91425364.cms|title=LTIMindtree to have fifth largest BFSI portfolio|newspaper=The Times of India |date=9 May 2022 }} Larsen & Toubro Group chairman A. M. Naik commented that there was not much overlap between the two companies in terms of industries and clientele; LTI had a plurality in BFSI industry and was active in the oil and gas sector, while Mindtree had a plurality in technology, media and telecommunications (TMT) with a presence in travel and hospitality.{{cite web|url=https://www.livemint.com/companies/news/ltimindtree-begins-life-in-the-big-league-11668454288057.html|title=LTIMindtree begins life in the big league|date=15 November 2022 }}
The merger was completed in November 2022. After the merger, LTIMindtree became India's fifth largest provider of IT services by market capitalization and sixth largest by revenue. Shares of Mindtree were delisted and shareholders were allotted 73 shares of LTI for every 100 shares of Mindtree held. The parent company, Larsen & Toubro, held a 68.73% stake in the merged entity.{{cite web|url=https://www.thehindubusinessline.com/info-tech/lti-mindtree-merger-takes-effect-latter-to-delist-from-bourses-on-nov-24/article66135921.ece|title=Merged entity. LTI-Mindtree merger takes effect; latter to delist from bourses on Nov 24|date=14 November 2022 }}
Global presence
{{multiple image
| direction = vertical
| align = right
| width =
| image1 = Mt Front, Mindtree Chennai (2014).jpg
| image2 = L ^ T Powai - panoramio.jpg
| image3 = Sattva Global City, Rajarajeshwari Nagar, Bangalore (2024) 75.jpg
| footer = LTIMindtree campuses
| total_width =
| alt1 =
| caption1 = Ramanujan IT City, Chennai
| caption2 = Powai, Mumbai
| caption3 = Sattva Global City, Bangalore
}}
LTIMindtree has its presence across the following regions:{{Cite web|title = Global Footprint |url = https://www.ltimindtree.com/global-footprints/|website = LTIMindtree|access-date = 30 July 2024}}
::Mumbai – Ballard Estate (HQ), Powai, Airoli, Mahape
::Bangalore – Whitefield, Sattva Global City, Manyata Embassy Business Park, Electronic City
::Pune – Hinjawadi, Shivajinagar, ICC Tech Park, Kharadi
::Chennai – DLF Cybercity, Manapakkam
::Hyderabad – Mindspace Madhapur, HITEC City, Gachibowli
::Kolkata – Salt Lake City, New Town
::Delhi NCR – Moti Nagar, Noida
::Coimbatore – Rathinam TechZone, TIDEL Park
::Mysore – Silver Spirit Tech Park
::Nagpur – North Ambazari Road
::Bhubaneswar – Khurda
::Indore – Vijay Nagar
::Warangal – Hanamkonda
- Americas: United States, Canada, Mexico, Costa Rica, Brazil
- Europe: United Kingdom, Germany, Netherlands, France, Sweden, Norway, Poland, Denmark, Finland, Spain, Belgium, Ireland, Romania, Italy, Hungary, Croatia, Portugal, Czech Republic, Luxembourg, Switzerland, Cyprus
- Asia Pacific: Australia, China, Singapore, Japan, Philippines, Malaysia, Taiwan, South Korea, Thailand, Hong Kong
- Middle East: United Arab Emirates, Saudi Arabia, Qatar
- Africa: South Africa, Morocco, Kenya
Acquisitions
{{see also|Mindtree#Acquisitions}}
| class="wikitable sortable" |
| width="30%" | Company acquired
! width="15%" | Country ! width="15%" data-sort-type="usLongDate" | Date ! width="35%" | Business ! width="5%" | Reference |
|---|
| Citigroup Fund Services Canada
| {{flagicon|Canada}} Canada |February 2011 |IT consulting |
| Information Systems Resource Centre (ISRC)
|{{flagicon|India}} India |October 2014 |IT services |
| AugmentIQ Data Sciences
|{{flagicon|India}} India |October 2016 |
| Syncordis
|{{flagicon|Luxembourg}} Luxembourg |November 2017 |Core banking technology |
| Ruletronics
|{{flagicon|India}} India |January 2019 |
| Nielsen+Partner
|{{flagicon|Germany}} Germany |February 2019 |IT consulting |
| Lymbyc
|{{flagicon|India}} India |July 2019 |
| Powerupcloud Technologies
|{{flagicon|India}} India |October 2019 |
| Cuelogic Technologies
|{{flagicon|India}} India |July 2021 |Digital engineering |
| Mindtree
|{{flagicon|India}} India |May 2022 |IT services |
See also
{{commons category}}
References
{{Reflist|30em}}
External links
- {{official}}
{{Larsen & Toubro|state=collapsed}}
{{Nifty 200 companies}}
{{Contract research organization|state=collapsed}}
{{DEFAULTSORT:LTIMindtree}}
Category:Companies based in Mumbai
Category:Software companies of India
Category:Information technology consulting firms of India
Category:Software companies based in Mumbai
Category:Software companies established in 1996
Category:1996 establishments in Maharashtra
Category:Indian companies established in 1996
Category:Companies listed on the National Stock Exchange of India